Furthermore, rising importance of organic farming owing to strong regulatory guidelines in the U.S. to provide incentives to farmers is expected to increase the farming of pea crop, which, in turn, will increase raw material availability in the market. All these factors will lead to the growth of North American market at a CAGR of 9.3% during the forecast period 2020-2024. North America is a leading pea protein ingredients market and is expected to grow substantially over the forecast period 2020-2024. Changing lifestyle along with increasing awareness towards healthy diet, and rising demand for energy drinks and processed foods are driving the market growth in this region. Moreover, increasing demand for gluten free products in the U.S. supported by rising concern towards cardiovascular diseases caused from red meat consumption is adding fuel to the market.
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Major Key Players
Some of the key players profiled in the Global Pea Protein Ingredient Market are
Based on form, Pea Protein Ingredients Market are segmented as dry, wet and others. Dry form is holding a major share in the market for its vast applications in meat extenders, health supplements and bakery products. Moreover, liquid form is expected to grow due to its ease of getting blended in the food products.
Based on the application, it is segmented into dietary supplement, animal feed, food and beverages including meat substitute, functional beverages, bakery products, packaged goods and others. Among all, dietary supplement is dominating the market due to inclination of consumers towards health-conscious diet and consumption of sports supplement.
Furthermore, Asia Pacific is projected to grow rapidly in the coming years owing to the growth of functional foods in countries such as China, Japan, and India. Moreover, inclination towards sports nutrition sector in Argentina, Brazil, and Chile have a positive impact for pea protein market in these regions.
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